Maharashtra Defence and Aerospace Venture Fund (MDAVF) Announces Successful Exit from Two Portfolio Companies
The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities Limited (ICMS) focused on supporting innovative companies in the defence and aerospace sectors, recently announced its successful exit from two of its portfolio companies, viz., Cyronics Innovation Labs Private Limited (CILPL) and JSR Dynamics Private Limited (JSR Dynamics) realizing Rs 14.46 crores and Rs 59.15 crores respectively.
Mr. Amey Belorkar, Fund Manager - Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, speaking about the exits said, “Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India’s defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces. MDAVF remains focused on supporting India’s journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities. These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India’s defence and aerospace sectors. By backing sustainable growth in these critical industries, we’re proud to contribute to India’s defence ecosystem and the vision of Atmanirbhar Bharat.”
MDAVF, to date, has invested approximately Rs 406 crore in 22 MSMEs. The fund has successfully executed full and partial exits from 12 companies, realizing divestment proceeds of around ?281 crore and achieving a strong Internal Rate of Return that highlights the fund's disciplined and strategic approach to value creation.
Cyronics Innovation Labs Private Limited (CILPL)
CILPL, founded in 2020, operates in the AI and Machine Learning sectors, specializing in software-defined radio technologies for the defence and aerospace sectors. CILPL has served leading defence and aerospace organizations, including Kirloskar Oil Engines Ltd., Navstar Integrated Systems Pvt. Ltd. (Navy) and Theta Controls (Army), among others.
JSR Dynamics Private Limited (JSR Dynamics)
JSR Dynamics was founded in 2018 with an intention to contribute in a big way towards achieving self-reliance in the defense sector through indigenous Design, Development and Manufacture. JSR Dynamics is engaged in the development and manufacturing of advanced munitions, including glide bombs and loitering munitions. The company’s products are poised to play a significant role in both Indian and international defence markets.
These exits showcase MDAVF’s commitment to supporting high-potential ventures in the defence and aerospace industry, driving technological advancements, and generating strong returns for its stakeholders. Both exits have been marked by impressive internal rates of return (IRR), underscoring the fund’s effective investment strategy and its ability to identify high-growth companies.
Managed by IDBI Capital Markets & Securities Limited, MDAVF continues to play a transformative role in driving indigenous innovation, fostering self-reliance, and enhancing India’s global competitiveness in the defence and aerospace sectors.
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